It’s unusual that I keep trades open going into the next quarter, but since I have three open (short USD/JPY, NZD/USD, and EUR/JPY positions and all currently positive) I thought I’d focus only on the closed positions for this review.

And after reviewing my trade journal, I think I could have done a few things differently in terms of trade management that would have produced better results.

I probably should have rolled my stop down instead of closing at support on my AUD/JPY short. After closing at 85.12 for a nice, quick return-on-risk, the pair actually fell another 400 pips to test the 81.00.

Should have rolled down stop sooner and tighter on EUR/JPY. Like AUD/JPY above, this pair made a quick move lower from my entry at 132.00 to 129.50 in just a few sessions. Although I had the right idea to roll down the stop this time, it was right at where the bears would step back in, taking me out for a smaller profit that I probably should have gotten.

As far as positives, closing my USD/CAD short through a rolled stop turned out to be a positive move as the rally that came in Feb to close me at 1.2410 never really slowed down with the pair hitting 1.3100 mid-March.

Overall, sticking with the fundies for directional bias and being strict with my trade management yielded a positive result this time, but as always, I know I could have done better. Especially considering there were a few strong trends that persisted throughout the quarter like broad JPY strength and comdoll weakness.

But I’m not going to change much in terms of my process for the new quarter, other than rolling down my stops tighter after quick strong moves. With volatility picking up in recent weeks, I think quick moves is something we may see more of going forward, which of course is a positive thing for active traders.

What do you think of my review and how did you do in Q1 2018? Please share your thoughts in the comment box below. Thanks for checking out my blog…good luck and good trading!

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About Pipcrawler

Every day, I try to find what I believe is the best looking short term currency trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology behind price movements in the foreign exchange markets, so you can learn to analyze your own currency charts and trade on your very own. To help you understand my trading approach, please read about my trading framework.

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